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10年期德债
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债市日报:8月1日
Xin Hua Cai Jing· 2025-08-01 08:02
Core Viewpoint - The bond market is experiencing a return to range consolidation with noticeable pullbacks in gains, while the monetary policy remains in a "comfortable zone" with balanced growth, exchange rates, prices, and financial risks [1][7]. Market Performance - The closing performance of government bond futures showed divergence, with the 30-year main contract down 0.07% at 119.040, and the 10-year main contract down 0.02% at 108.435 [2]. - The interbank major interest rate bonds exhibited mixed performance, with the 30-year government bond yield rising by 0.25 basis points, while the 10-year policy bank bond yield fell by 0.15 basis points [2]. International Bond Market - In North America, U.S. Treasury yields showed mixed results, with the 2-year yield rising by 1.24 basis points to 3.953% and the 10-year yield falling by 0.20 basis points to 4.366% [3]. - In Asia, Japanese bond yields declined across the board, with the 10-year yield down by 0.6 basis points to 1.549% [3]. - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all decreased, with the Spanish yield down by 1.7 basis points to 3.270% [3]. Primary Market - The Ministry of Finance reported weighted average winning yields for 2-year and 50-year government bonds at 1.3844% and 2.0187%, respectively, with bid-to-cover ratios of 3.26 and 5.42 [4]. - The Export-Import Bank's 2-year fixed-rate bond had a winning rate of 1.3746% with a bid-to-cover ratio of 3.24 [5]. Liquidity Conditions - The central bank conducted a 1260 billion yuan 7-day reverse repo operation at a rate of 1.40%, resulting in a net withdrawal of 663.3 billion yuan for the day [6]. - The Shibor short-term rates mostly declined, with the overnight rate down by 7.7 basis points to 1.315% [6]. Institutional Perspectives - According to China International Capital Corporation, the recent economic meeting downplayed real estate concerns and emphasized the prohibition of new hidden debts, indicating a potential weakening of fiscal support for economic growth in the second half of the year [7]. - Huatai Securities noted the importance of maintaining ample liquidity and promoting a reduction in comprehensive financing costs, with no strong expectations for rate cuts or reserve requirement ratio reductions [8].
两年期德债收益率7月份累涨11个基点
news flash· 2025-07-31 16:38
Group 1 - The yield on Germany's 10-year government bonds decreased by 1.1 basis points, reaching 2.695%, with a cumulative increase of 8.8 basis points in July, trading within a range of 2.542%-2.769% [1] - The yield on 2-year German bonds increased by 1.0 basis point to 1.964%, with a cumulative rise of 11.0 basis points in July, trading between 1.799%-1.980%, showing a significant rebound on July 23-24 [1] - The yield on 30-year German bonds fell by 2.8 basis points to 3.176%, with a cumulative increase of 8.7 basis points in July [1] Group 2 - The 2/10 year German bond yield spread decreased by 2.104 basis points, now at +72.756 basis points, with a cumulative decline of 1.158 basis points in July [1]
债市日报:6月17日
Xin Hua Cai Jing· 2025-06-17 07:54
Core Viewpoint - The bond market is experiencing a strong consolidation, with government bond futures rising across the board and interbank bond yields mostly declining, indicating a potential trend towards looser liquidity conditions [1][5] Market Performance - Government bond futures closed higher, with the 30-year main contract up 0.24% at 120.820, the 10-year main contract up 0.14% at 109.160, the 5-year main contract up 0.15% at 106.300, and the 2-year main contract up 0.08% at 102.540 [2] - Major interbank rates mostly fell, with the 10-year policy bank bond yield down 1 basis point to 1.7055% and the 10-year government bond yield down 0.25 basis points to 1.6375% [2] International Market Trends - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 4.16 basis points to 4.446% [3] - In Asia, Japanese bond yields continued to rise, with the 10-year yield up 2.8 basis points to 1.479% [3] - In the Eurozone, yields on 10-year bonds generally fell, with French yields down 1.9 basis points to 3.232% [3] Primary Market Activity - The China Development Bank's 10-year fixed-rate bond "25国开15" had a winning bid rate of 1.65%, with a total bid-to-cover ratio of 3.94 [4] - The 10-year "25甘肃债23" had a winning bid rate of 1.78% and a total bid-to-cover ratio of 25.05, indicating strong demand [4] Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation of 1973 billion yuan at an interest rate of 1.40%, with a net withdrawal of 1833 billion yuan on the day [5] - Short-term Shibor rates mostly declined, with the overnight rate down 1.9 basis points to 1.369% [5] Institutional Insights - Huayuan Securities suggests that interest rate bonds may experience narrow fluctuations, recommending attention to credit bonds with yields above 2% [6] - CITIC Fixed Income notes that since March, funding rates have been in a downward trend, indicating a need for a reasonable liquidity environment to support economic growth [7]